Our Investments
Impactful Investments. Stronger Pensions. A Stronger Eswatini.
Public Service Pensions Fund (PSPF) has been a responsible investor in providing pensions for its members and assisting with Eswatini’s economic development for more than 30 years. We consider how we will be able to provide secure pension benefits for our members through our investment approach based on transparent, prudently managed risk, and long-term planning.
years of investing
Funding level improved from 28% (1996) to
%
Returns as high as
%
Why PSPF Invests
The pension contributions made to the Public Service Pensions Fund (PSPF) are not sufficient to sustain pension payouts indefinitely into the future. PSPF has invested the pension contributions to help achieve the following objectives:
- Helping members accumulate wealth for retirement
- Mitigating against the effects of inflation and increasing life expectancies
- Providing a consistent source of monthly pension income
- Supporting development and job opportunities throughout the nation.
By using a consistent, long-term strategy as opposed to looking for short-term profits, PSPF has created a strong portfolio capable of withstanding economic turmoil while continuing to provide steady, long-term returns for its members.
Our Investment Footprint in Numbers
18 years as a permanent shareholder in Eswatini Building Society
7.4% equity in FNB Eswatini
8.3% direct equity in ESRIC + 6.5% held on behalf of Government
78% equity in Swazi Empowerment Limited (SEL)
40% equity in Eswatini Mobile
100% ownership of Tambankulu Estates and Libuyile
Our Investment Strategy
PSPF’s investment strategy is guided by diversification, rigorous due diligence and responsible investing. This allows us to balance risk and return while supporting the real economy.
Diversified Portfolio
We spread our investments across different asset classes – shares, bonds, property and real assets – as well as alternative investments such as private equity and infrastructure.
These are allocated across key sectors of the economy, including banking and insurance, telecommunications, energy, agriculture and forestry, manufacturing, health and hospitality, education, and public infrastructure and housing.
Rigorous Due Diligence
Before committing capital, we assess:
- The financial strength and growth potential of each project or company
- The risks and expected returns
- Alignment with PSPF’s long-term obligations
We also apply environmental, social and governance (ESG) considerations to ensure our investments are responsible, sustainable and support broader societal well-being.
Supporting Eswatini’s Development
Eswatini is a key investment destination in our portfolio. We prioritise sectors that:
- Drive economic growth and industrial development
- Create meaningful jobs
- Improve infrastructure and public services
- Enhance food and energy security
Our investments are not just financial assets – they are schools, roads, hospitals, homes and businesses that support a stronger Eswatini.
Where We Invest
PSPF partners with key financial institutions to support economic activity and ensure stable returns.
Key Investments:
- Long-term shareholding in Eswatini Building Society (over 18 years).
- Debt funding to Eswatini Bank to support lending in agriculture and other productive sectors.
- 7.4% equity stake in FNB Eswatini (acquired in 2023).
We also provide debt funding to major microlenders, which form about 9% of the domestic portfolio, supporting responsible access to credit while generating competitive returns.
PSPF is a significant player in the insurance sector.
Key Investments:
- 8.3% equity stake in Eswatini Royal Insurance Corporation (ESRIC), plus 6.5% held on behalf of Government.
- ESRIC has consistently paid an average dividend of 15.5% per annum, making it one of the Fund’s flagship investments.
- Investment in Ezulwini Reinsurance Ltd, strengthening the resilience of the local insurance industry.
Portfolio Share:
- Insurance represents around 1.3% of PSPF’s domestic portfolio.
Telecommunications are central to connectivity, innovation and job creation.
Key Investments:
- PSPF holds 78% equity in Swazi Empowerment Limited (SEL), which itself holds equity in MTN Eswatini.
- The Fund owns 40% equity in Eswatini Mobile, which has driven growth in network coverage and created both direct and indirect employment opportunities.
Portfolio Share:
- Telecoms make up about 8% of the domestic portfolio.
PSPF supports Eswatini’s goal of energy self-sufficiency by 2030 through investment in key projects:
- Lower Maguduza Hydro Power Station
- Construction commenced in October 2024.
- Expected construction period of around 2 years.
- Funding support to Eswatini Electricity Company (EEC) for transmission expansion and hydropower projects.
Portfolio Share:
- Energy accounts for around 2% of the domestic portfolio.
Agriculture and forestry are vital for food security, exports and rural livelihoods.
Key Investments:
- Equity exposure to the Royal Eswatini Sugar Corporation (RES).
- 100% ownership of Tambankulu Estates, a major sugarcane producer with potential to diversify into new crops and create more jobs.
- Investment in Old Mutual Agri-Fund (Dairy Farm) to support local dairy production.
- Working capital funding to the Eswatini Sugar Association.
- Equity and debt in Montigny, a leading forestry business that has created thousands of direct and indirect jobs and contributes significantly to GDP.
Portfolio Share:
- Forestry alone represents about 11% of the domestic portfolio.
PSPF’s property portfolio delivers rental income, modern infrastructure and urban renewal.
Key Investments and Ownership Levels:
- Bhunu Mall (Manzini) – a major retail centre with high foot traffic.
- Former Goldblatt Properties (Emprop) – PSPF holds a 33% equity stake in strategic Mbabane commercial and residential properties.
- Ebuhleni Mall (Buhleni) – a modern mall transforming a growing town.
- The Gables Shopping Centre (Ezulwini) – 50% equity stake in a key retail hub on the tourism corridor.
- Libuyile (Nhlangano) – 100% ownership of the former ESSA properties.
- Tonkwane Properties – forestry land being replanted with plans for an urban housing development.
- PSPF Residential Flats (Mbabane) – 78 two-bedroom units with potential for sectional title schemes.
- Sibekelo Building – a modern office park next to PSPF’s head office.
- SASCCO Building – a completed redevelopment of a long-abandoned structure in the CBD.
- UN Building – built for and leased to the United Nations on a 25-year lease.
Portfolio Share:
- Properties make up about 13% of the domestic portfolio.
Hospitality (1%)
- Investment in Hilton Garden Inn, an iconic hotel in Mbabane that supports tourism, conferences and jobs.
Loans to Parastatals (7%)
- Funding for Government and parastatal projects, including offices, border posts and a nationwide institutional housing scheme with Eswatini Housing Board for key services such as police, correctional services and fire & emergency.
Health (0.63%)
- Investment in Eswatini Radiology Services, which will host a state-of-the-art cancer treatment centre in Manzini, reducing the need for Emaswati to travel abroad for treatment.
Public Infrastructure (8%)
- Financing for major projects such as the Nhlangano–Sicunusa road, improving connectivity and trade.
Education (0.2%)
- Investment in Nkonyeni College, supporting the growth of quality private education in the Manzini region.